Request a bond of 4 weeks rent from the tenant. When you receive it, make sure to provide the tenant with a receipt, and also have them sign a Bond Lodgement Form which is available here: https://rentalbonds.vic.gov.au/Bond/Lodgment/Begin The bond lodgement form will allow you to lodge the bond with the appropriate authority (RTBA).

Make sure to keep documentation of any occurrences, e.g. copies of any letters/receipts you send to tenant, photos of any damage etc. just in case there ever a dispute in future.

Other

We strongly recommend completing National Tenancy Database / TICA blacklist checks before approving any tenant (you can arrange this through PropertyNow). In addition to checking tenancy blacklists, you should also consider checking the ACCR criminal court attendance database here: https://auccr.com/free and may order full police background checks through PropertyNow if you wish

Most importantly, consider taking out Landlords Insurance – this covers you for theft, malicious damage, or loss of rent if the tenant stopping paying - http://www.canstar.com.au/home-insurance/what-is-landlord-insurance/http://rac.com.au/insurance/home-insurance/landlords-insurance There are many different providers so make sure to shop around.